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Blowout Could Spill 58 Million Gallons in Arctic

ANCHORAGE, Alaska -- The federal agency overseeing offshore drilling in Alaska says the worst-case scenario for a blowout in the Chukchi Sea lease could result in a spill of more than 58 million gallons of oil into Arctic waters. That's about a quarter of the Deepwater Horizon spill, which put 206 million gallons of oil...

Obama Says He Wants Oil Producers to Boost Output

WASHINGTON -- As the high cost of gasoline takes a toll on politics and pocket books, President Barack Obama said Tuesday he is calling on major oil producers such as Saudi Arabia to increase their oil supplies to help stabilize prices, warning starkly that lack of relief would harm the global economy. "We are in a lot of...

Greenpeace Occupies Rig in Arctic Drilling Protest

ANKARA, Turkey -- Greenpeace activists climbed aboard an oil rig off Istanbul on Friday in a bid to prevent it from reaching Greenland to begin deep-water drilling in the Arctic, but the vessel continued on its course undeterred. The environmental group said eleven activists, some in rock-climbing gear, used speedboats to...

Obama Says New Task Force Will Examine Gas Prices

LOS ANGELES -- President Barack Obama said Thursday that the Justice Department will try to "root out" cases of fraud or manipulation in oil markets, even as Attorney General Eric Holder suggested a variety of legal reasons may be behind gasoline's surge to $4 a gallon. "We are going to make sure that no one is taking...

BP, Gulf Spill Partners Sue Each Other

MIAMI -- After being hammered for a year over the Gulf of Mexico oil spill, BP is going on the offensive with multibillion-dollar lawsuits seeking to shift at least part of the blame to those who owned the ill-fated rig or designed a failed safety device or supplied cement that didn't hold. Those companies - Transocean,...

Petroleum News From AOL

AOL MONEY & FINANCE

Oil drops on disappointing US economic data

NEW YORK -The price of oil is falling again on reports that the U.S. economy isn't growing as expected.

THE HUFFINGTON POST

Proposed North Dakota Pipeline May Be Scrapped

A Colorado company says its proposed $650 million pipeline that would move 150,000 barrels of North Dakota crude daily to a hub in Minnesota is at risk of being scrapped.

THE HUFFINGTON POST - BUSINESS

Emails Reveal High-Level Discord at BP Over Flow Estimates During 2010 Oil Spill

A BP engineering executive warned senior BP management early on in the 2010 Gulf of Mexico oil spill that internal models did not support estimates of the size of the undersea leak being provided to government officials and the public, according to company emails.

AOL MONEY & FINANCE

Only 3 of 12 lots sold in Iraqi energy auction

BAGHDAD -Iraq's fourth postwar energy auction drew a cool response from foreign energy companies Wednesday, dealing a setback to the country's hopes to dig out from years of conflict and sanctions and develop its vast untapped hydrocarbon reserves.

THE HUFFINGTON POST

Norway: The Oil State

Welcome to Norway, home to a proud people who enjoy telling the myth about how they cheated their rival and neighbor Denmark by, despite owning very little of the North Sea oil, getting the then-Danish minister drunk on Norwegian snaps and signing the majority over to them.

Petroleum News From the Web

05/31/12 FX Market Oil Watch News - Crude oil futures hold... Source: PRWeb HongKong, HongKong (PRWEB) May 31, 2012 InvestTechFX reports that on the On the New York Mercantile Exchange, crude futures for delivery in June traded up 0.05% a barrel during European morning trade.
05/31/12 Mixed signals from govt on petrol prices Source: Business Standard Even as the Bharatiya Janata Party-led NDA grouping and the Left parties called a 'Bharat Bandh' on Thursday to protest against the petrol price rise, there were mixed signals from the government on the issue.
05/31/12 Canada's oil and gas industry will need to fill at... Source: Global Infomine Canada's oil and gas industry will need to fill a minimum of 9,500 jobs by 2015, according to a report released today by the Petroleum Human Resources Council of Canada.
05/31/12 Synergy 'Pleased' with First Niobrara Well Results Source: Rigzone Synergy Resources Corporation, a domestic oil and gas exploration and production company focused in the Denver-Julesburg Basin (the D-J Basin), on Thursday provided initial production rates for the Wake E24-77HN horizontal well in which the company has a 25 percent working interest.
05/31/12 Spill sends 22,000 barrels of oil mix into Alberta... Source: Globe and Mail A huge spill has released 22,000 barrels of oil and water into muskeg in the far northwest of Alberta.